Montana Statutes
§ 2-7-504 — Accounting Methods
Montana·Title 2 GOVERNMENT STRUCTURE AND ADMINISTRATION·Ch. 7 STUDIES, REPORTS, AND AUDITS·Part 5 Audits of Political Subdivisions
2-7-504 . Accounting methods.
(1)Unless otherwise required by law, the department shall prescribe by rule the general methods and details of accounting for the receipt and disbursement of all money belonging to local government entities and shall establish in those offices general methods and details of accounting. All local government entity officers shall conform with the accounting standards prescribed by the department.
(2)The rules adopted by the department must be in accordance with:
(a)generally accepted accounting principles established by the governmental accounting standards board or its generally recognized successor; or
(b)a small government financial reporting framework that is defined by the department and derived from the generally accepted accounting principles referenc
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Legislative History
En. 82-4530 by Sec. 16, Ch. 380, L. 1975; R.C.M. 1947, 82-4530; amd. Sec. 1, Ch. 1, Sp. L. June 1989; amd. Sec. 1, Ch. 11, Sp. L. June 1989; amd. Sec. 4, Ch. 489, L. 1991; amd. Sec. 6, Ch. 430, L. 1995; amd. Sec. 35, Ch. 278, L. 2001; amd. Sec. 1, Ch. 73, L. 2019.
Nearby Sections
15
§ 2-7-101
Repealed§ 2-7-102
Repealed§ 2-7-105
Tax Information Submitted§ 2-7-501
Definitions§ 2-7-502
Short Title -- Purpose§ 2-7-504
Accounting Methods§ 2-7-505
Audit Scope And Standards§ 2-7-506
Audit By Independent Auditor§ 2-7-507
Duty Of Officers To Aid In Audit§ 2-7-508
Power To Examine Books And Papers§ 2-7-510
Reserved